Written by Gary

The morning session has remained in the red sea-sawing sideways in what has become a quiet session of sorts.

By noon the averages were off -0.3% and volume was falling. Session likely to remain down and trend sideways.

Our medium term indicators are leaning towards sell portfolio of non-performers at the midday and the session market direction meter is 0.08 % bullish. We remain mostly conservatively bullish, neutral in other words. Right now now I am getting very concerned any downtrend could get very aggressive in the short-term and any volatility may also promote sudden reversals. The SP500 MACD has turned flat, but remains above zero at 13.99. I would advise caution in taking any position during this uncertain period and I hope you have returned your ‘dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warnings of a ‘long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 62 % Bearish.

Investors Intelligence sets the breath at 54.7 % bullish with the status at BearConfirmed. (Chart Here ) I expect a market reversal at or before ~25.0 should the markets start to descend.

StockChart.com Overbought / Oversold Index ($NYMO) is at 37.56. (Chart Here) But anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at54.15 %. (Chart Here) The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2011 was the last time we saw numbers in the 20's.